Plea challenging Electoral Bonds notification to be heard on December 6

The Supreme Court will hear on December 6 the plea challenging a recent notification extending the period of sale of electoral bonds by 15 days during years when elections are scheduled to be held for State assemblies and Union Territories with legislature [Dr Jaya Thakur vs Union of India]..A bench led by Chief Justice of India (CJI) DY Chandrachud agreed to hear the case along with a batch of earlier petitions challenging the electoral bonds scheme itself. .An electoral bond is an instrument in the nature of a promissory note or bearer bond which can be purchased by any individual, company, firm or association of persons provided the person or body is a citizen of India or incorporated or established in India.The bonds, which are in multiple denominations, are issued specifically for the purpose of contribution of funds to political parties in its existing scheme in the country..The fresh notification recently issued by the Central government amended the scheme to provide “an additional period of 15 days” for the sale of electoral bonds “in the year of general elections to the legislative assemblies of States and Union Territories with legislature”..The challenge to the scheme is already pending before a bench led by Justice BR Gavai, which was last month told by the Central government that the electoral bonds scheme is most transparent.Electoral bonds were introduced through Finance Act 2017, which in turn amended three other statutes - the RBI Act, the Income Tax Act and the Representation of People Act - for enabling introduction of such bonds..The Finance Act, 2017 introduced a system of electoral bonds to be issued by any scheduled bank for the purpose of electoral funding.The Finance Act was passed as a money bill, which meant that it did not require the assent of Rajya Sabha.Various petitions are pending before the top court challenging at least five amendments made to different statutes through Finance Act 2017 and Finance Act 2016 on the ground that they have opened doors to unlimited, unchecked funding of political parties..[Follow our live coverage of today's hearing]